By Audrey Lotechukwu
WED 17 MARCH, 2021-theGBJournal- The Nigeria Federal Executive Council (FEC) has approved a whopping $1.5 billion for the rehabilitation of the Port Harcourt refinery.
The Minister of State for Petroleum Resources, Timipre Sylva who revealed the approval when he briefed news at the State House said, the rehabilitation work will be done in three phases of 18, 24 and 44 months. The Minister said the first phase on completion will take the refinery to a production of 90% of its nameplate capacity.
Sylva disclosed that an Italian company would undertake the repairs and a maintenance company would also be put in place, to ensure effective maintenance culture.
He named the approved contractors for the project as Tecnimont, SPA, adding that the FEC agreed to appoint a professional operations and maintenance company to manage the refinery when it is finally rehabilitated.
The Minister said the funding for the rehabilitation work has been earmarked and will be shouldered by the Federal Government, Nigeria National Petroleum Corporation (NNPC) and the Africa Export-Import Bank (AFREXIM BANK).
Today’s FEC virtual meeting was presided over by President Muhammadu Buhari at the State House Abuja.